Jobs at risk as yarn business enters administration

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Jobs at a Yorkshire-based wool business are at risk after it went into administration on the eve of Christmas.

Administrators have been appointed at Westwood Yarns, which is based at the Washpit Mill in Holmfirth, Yorkshire.

Westwood employs 130 people and jobs are at risk at the business. Administrators were called into the business after it experienced cash flow difficulties.

The company spins specialist yarns at the Washpit Mill in Holmfirth primarily for its largest customer Victoria Carpets.

Paul Flint and David Costley-Wood of KPMG LLP were appointed as joint administrators on December 23.

The joint administrators will consider options in the coming weeks and have called on any interested parties looking to acquire the business and assets to come forward.

Paul Flint, associate partner at KPMG and ioint administrator, said “It is a difficult time of year for any business to enter administration and our team is in contact with employees at Westwood Yarns to assist them through this period.

“Arrangements are being made to ensure that staff will be paid their arrears of wages and holiday pay for the Christmas period.

“Over the coming days, we will be in touch with key stakeholders to explore our options, including the possibility of a sale, to maximise the return to the Company’s creditors.

“We would encourage any interested parties to make contact as soon as possible.”

Interested parties are being asked to contact John Noon or Mark Wooffinden of KPMG on 0161 246 4801 and 0161 246 4060 respectively.